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Investment Plans 6134 views March 11, 2020
Post-retirement lifestyles can be challenging if financial independence is not taken into serious consideration during the initial stages of monetary planning. Just for this reason, specially designed Retirement Plans have been developed to build a retirement corpus through systematic investments during your earning years.
SBI’s Life Retire Smart plan is a smart shield plan that helps secure your future with an assured maturity benefit secured against market volatility. Systematic investments in the form of premiums are accrued to build a solid retirement corpus. Besides this, the policy has interesting features such as the Advantage Plan, choice in the fund option, choice of risks and rewards to choose from as per your preference.
Table of Contents
Here’s some more information about the SBI Life Retire Smart plan that you should know:
Life Retire Smart Plan by SBI provides the following:
This retirement plan by SBI has the following features:
In case of disagreement or objection to the terms and conditions, the policy can be returned within a specified period with the reason of objection. If purchased traditionally, a period of 15 days is given, and in case of online purchase, 30 days is provided.
A grace period of 15 days for monthly payment mode and 30 days for quarterly, half-yearly and yearly modes are provided. So, if the policyholder fails to renew the plan within the given time period, the grace period provided will allow them to do so without losing any accrued benefits.
This policy comes with two modes of premium payment – Regular and LPPT. Premium Payment options provided are can be chosen from as deemed fit.
Premium options for LPPT are categorized in the following manner:
Regular Premium Options are categorized in the following manner:
In case you decide to surrender the policy within the first five years, the accrued fund value will be divested and arranged in a discontinued policy fund. This will be done after deducting a penalty fee – Surrender Penalty. During the sixth year, the money would be eligible for surrender compulsory option. The nominees are paid the sum assured in case of the unfortunate demise of the insured.
Under this plan, the facility to nominate is available and this is based on Section 39 of the Insurance Act.
The following benefits and coverages are promised under SBI Life Retire Smart Plan:
Conclusion
Retire Smart Plan by SBI Life is a non-participating, unit-linked pure pension plan. Therefore, the returns under this plan are guaranteed and ideal for post-retirement coverage. Under this plan, investment benefits offered are plentiful which help you secure your life and of your loved ones. These investment and savings benefits can later be enjoyed for a small premium regularly paid in a specified timeframe. Choose your fund option based on your risk appetite from three available fund choices.